Beat up bank stocks are surprisingly getting some love on Thursday.
The S&P 500 Financials (below) were solidly in the green by early afternoon, led by names such as JPMorgan Chase (JPM) - Get JPMorgan Chase & Co. Report and Wells Fargo (WFC) - Get Wells Fargo & Company Report . With markets on edge as former FBI Director James Comey testified on his dealings with President Trump, investors appeared to sniff around for some value.
To be sure, the argument could be made that financials represent decent value right now.
The largest Wall Street banks have tumbled over the last week as JPMorgan Chase and Bank of America (BAC) - Get Bank of America Corp Reportdisclosed double-digit declines in their trading businesses during April and May, which may pressure second-quarter earnings. The drop is largely because of a difficult comparison to a year ago, when Great Britain shocked markets by deciding to pull out of the European Union, a move that fueled a fixed-income trading boom.
James Langford contributed to this story.
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